Kganyago reappointed to lead central bank

Staff Writer | Jul 13, 2019
Governor of the South African Reserve Bank (SARB) Lesetja Kganyago has been reappointed for a second term.

Kganyago’s reappointment has been welcomed as a measure likely to assure monetary policy certainty, and boost investment and business confidence in South Africa, according to the Banking Association of South Africa.

The move has also been welcomed by trade unions Solidarity and the Public Service Association.

Two new deputy governors were also appointed; Fundi Tshazibana and Rashad Cassim will replace Francois Groepe, who had resigned, and Daniel Mminele, who had retired. Tshazibana is currently an advisor to Kganyago and Cassim is head of the SARB’s research department.

Kganyago has stood firm in the face of a number of attacks on the independence of the central bank, and has been a critic of economic populism – and what he called ‘crazy ideas’ – in the governing African National Congress (ANC).

His reappointment is a blow to the populist wing of the ANC and its putative leader, party secretary general Ace Magashule.

The SARB is one of the few institutions to have survived the Presidency of Jacob Zuma relatively unscathed, and has been an important bulwark in preserving South Africa’s economic stability.

 

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